Financing raises $3.68 million so far; total could reach $5 million
By Angela McDaniels
Tacoma, Wash., Oct. 5 - nFinanSe Inc. issued $909,250 of series E convertible preferred stock to a group of investors on Sept. 30, according to an 8-K filing with the Securities and Exchange Commission.
The investors bought 606,167 convertible preferreds for $1.50 each.
The company decided on July 3 to issue up to $5 million of the convertible preferreds. So far, it has issued $3.68 million, or 2,456,171 preferreds.
The company issued $500,001 of the convertibles preferreds on July 8, $600,000 on Aug. 10 and $1.68 million on Sept. 7.
Each preferred is convertible into common shares at $0.15 per common share, which is a 50% premium to the closing share price of $0.10 on July 2.
Based in Bradenton, Fla., nFinanSe is a financial services company and provides stored value and prepaid cards.
| Issuer: | nFinanSe Inc.
|
| Issue: | Series E convertible preferred stock
|
| Amount: | $5 million
|
| Price: | $1.50
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| Conversion price: | $0.15
|
| Warrants: | No
|
| Pricing date: | July 3
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| Settlement dates: | July 8 (for $500,001); Aug. 10 (for $600,000); Sept. 7 (for $1,675,002); Sept. 30 (for $909,250)
|
| Stock symbol: | OTCBB: NFSE
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| Stock price: | $0.10 at close July 2
|
| Market capitalization: | $2.12 million
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